Rockcliff Initiates NI 43-101 Resource Estimate at the Tower
Property, High Grade T-1 Copper Deposit Remains Open in all
Directions
Trading Symbol RCR: TSXV
TORONTO,
Oct. 25, 2012 /CNW/ - Rockcliff
Resources Inc. ("Rockcliff") (RCR: Tier 1 TSXV) is
pleased to announce that Caracle Creek International Consulting
Inc. (CCIC) has commenced an independent National Instrument 43-101
Technical Report on the Tower Property. The report is
anticipated to be completed before the end of November 2012 and will include geological
modelling and resource estimation on the high grade T-1 Copper
Deposit. The deposit is host to high grade copper, gold, zinc
and silver mineralization and is located within 500m of a major
highway, power lines and the recently discovered T-2 Copper
Zone. A total of forty-one (41) drill holes (including eight
historic holes) totalling almost 17,000m have been completed on the
T-1 Copper Deposit. Eighteen (18) of the drill holes (45%)
intersected high copper grades exceeding 3.0%, which have been
previously announced in earlier news releases and reports and are
highlighted in the table below:
Hole # |
Width(m)* |
Copper% |
Gold g/t |
Zinc% |
Silver |
TP11-08 |
8.2 |
7.6 |
2.0 |
1.7 |
35.4 |
TP11-10 |
2.6 |
7.6 |
0.6 |
1.8 |
32.0 |
TP10-04 |
2.7 |
7.0 |
2.7 |
1.3 |
32.2 |
TP11-21 |
4.9 |
6.1 |
1.6 |
2.0 |
35.9 |
BK00-313 |
3.8 |
5.3 |
0.9 |
2.0 |
22.0 |
TP11-09 |
3.7 |
5.2 |
0.8 |
1.2 |
23.0 |
TP11-12 |
2.9 |
4.6 |
1.2 |
1.2 |
22.0 |
TP11-22 |
3.7 |
4.5 |
0.3 |
1.7 |
21.4 |
TP11-13 |
3.3 |
4.0 |
0.3 |
0.8 |
15.3 |
TP11-17 |
4.0 |
3.9 |
0.6 |
0.6 |
18.3 |
TP10-02 |
2.6 |
3.6 |
0.5 |
0.8 |
17.6 |
BK00-314 |
2.1 |
3.7 |
0.4 |
2.0 |
14.4 |
TP11-16 |
2.7 |
3.6 |
0.3 |
1.0 |
19.5 |
TP10-01 |
2.7 |
3.4 |
1.2 |
0.7 |
18.6 |
BK00-311 |
3.1 |
3.3 |
1.4 |
0.4 |
10.7 |
TP10-05 |
7.5 |
3.3 |
0.3 |
0.8 |
17.6 |
TP11-07 |
4.6 |
3.2 |
1.1 |
0.6 |
17.5 |
TP11-14 |
2.8 |
3.1 |
0.4 |
1.1 |
14.4 |
*down hole drill widths
Ken Lapierre,
President and CEO of Rockcliff commented, "The resource estimation
is a very significant milestone for Rockcliff and its
shareholders. The high grade nature of the T-1 Copper
Deposit, its proximity to a major all season highway, power
line and our recent discovery of the T-2 Copper Zone is a true
testament to the exceptional mine making potential of this
property. We eagerly await the completion of the
initial resource estimate for the T-1 Copper Deposit and in moving
this property to the next level."
Pursuant to an exploration and option agreement
with Pure Nickel Inc., to earn a 70% interest in the property,
Rockcliff must pay $150,000 in
incremental payments and is required to incur aggregate exploration
expenditures totalling $4,000,000.
Rockcliff has recently exercised the option to
earn its 50% interest by spending $2,000,000 on exploration expenditures and paying
$90,000 to Pure Nickel Inc. over the
last two years. Both parties will now form a joint venture
and Rockcliff will earn an additional 20% in the property by
spending an additional $2,000,000 (in progress) in exploration
expenditures and paying a total of $60,000 over the next 2 years. Once
completed, Rockcliff will control a 70% interest in the
property. An underlying 2% NSR on the property is held
by Xstrata Nickel, of which half can be purchased for $1,000,000.
For more information please visit our website at
www.rockcliffresources.com
Rockcliff Resources Inc.
Rockcliff Resources Inc. is a Canadian resource
exploration company focused on discovery and advancement of its
high-quality mineral properties at its Snow Lake Project. Rockcliff
presently controls the Snow Lake Project totalling in excess of 500
km2. The project includes one VMS copper rich
NI43-101 Indicated Resource (Rail), one former copper rich VMS mine
(Dickstone), one historic VMS copper deposit (Lon) and the T-1
Copper Deposit and T-2 Copper Zone (Tower). Rockcliff also
controls a zinc-silver rich NI43-101 Indicated Resource (Shihan)
and a portfolio of precious metal properties including one former
gold mine (Century Mine) and one surface gold deposit (C-Zone) in
Manitoba and the Black Gold
Property in Ontario.
Forward Looking Statement:
Some of the statements contained herein may be
forward-looking statements which involve known and unknown risks
and uncertainties. Without limitation, statements regarding
potential mineralization and resources, exploration results, and
future plans and objectives of the Company are forward looking
statements that involve various risks. The following are
important factors that could cause the Company's actual results to
differ materially from those expressed or implied by such forward
looking statements: changes in the world wide price of mineral
commodities, general market conditions, risks inherent in mineral
exploration, risks associated with development, construction and
mining operations, the uncertainty of future profitability and the
uncertainty of access to additional capital. There can be no
assurance that forward-looking statements will prove to be accurate
as actual results and future events may differ materially from
those anticipated in such statements. Rockcliff undertakes no
obligation to update such forward-looking statements if
circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on such
forward-looking statements.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release
SOURCE ROCKCLIFF RESOURCES INC.